Naspers shares weaken in early trade in wake of Trump’s WeChat ban

Shares in Naspers fell in early trade on Tuesday morning, following a sharp share price decline on Friday after US President Donald Trump issued an executive order to have Chinese apps TikTok and WeChat banned in 45 days.

Naspers shares fell by just over 2% when trading commenced on the JSE. Its stock traded about 5% weaker on Friday.

Naspers, through Prosus, has a 31.2% stake and is the largest single shareholder in Chinese internet giant, Tencent, which owns WeChat.

Trump last week Thursday issued an executive order to ban WeChat, a messaging, social media, and electronic payment application, from operating in the US in 45 days if it is not sold by Tencent.

“The spread in the United States of mobile applications developed and owned by companies in the People’s Republic of China continues to threaten the national security, foreign policy, and economy of the United States,” he said.

*Fin24 is part of Media24, a subsidiary of Naspers.

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